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I have a 800K mortgage and I been offered to buy back my loan by my bank for 740K. I have never been delinquent and my FICO score is in 800s. They told me they will report this as "Paid off but not paid in full". Will this affect my credit?
Thx,
Ok I need you to give more detail as to why you are buying back a mortgage for less. Was it sold to someone else that couldn't make the payments? I'm a little confused. Me or someone else will be able to help you. I have actually had a loan that was done like that but mine was because of filing bankruptcy and they knew if they didn't settle for less they would get nothing. So there are different situations into which this can happen and I don't want to give you wrong answer.
Sean, I like debra am just a little confused at why you would be buying back your mortgage but if it is due to another person having it I would have to imagine the debt being listed as paid but not as agreed is still going have the same negative affect as any delinquent debt. These stay on your report for seven years. Will this be the only negative on your report? The one positive thing would be it would show you paid the creditor and is you went for another loan you could explain the circumstances surrounding the mark. If this was the only thing I imagine you would still get the loan.
Buying back my mortgage for less
Hi Sean,
I think I should first tell you that there's no difference between paid - off and paid in full. Paid - off generally means paid in full. So you need not worry about your credit score getting low in relation to this. However if the creditors have said that they will report this as settled, then you should get concerned about it.
Hope this helps you.
Regards,
Aaron